In class today we watched the "Supply and Demand: Crash Course Economics #4". Basically in this video the hosts discuss Supply and Demand, which may seem like a topic everyone is familiar with, but I learned a lot from the video. In elementary school the basic idea was brought up, but all we were taught was;
Price goes high ---->Demand is less = Less money and more supply Price goes down ---->Demand is high = More money and less supply These basic analogies are just the basics of supply and demand. There is so much to it and some of the things I learned are, how the chain between farmers, markets, and consumers work. It is a continuing cycle which ensures everyone gets what they want. I also learned about equilibrium and that is when there is a balance of supply and demand. This is the best outcome for both consumers and sellers and it is the best for the economy. I really connected with this video because when I grow up I'm interested in opening a business, and to do such a thing, common knowledge such as supply and demand is necessary for success.
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June 2018
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